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INVESTOR PRESENTATIONMAY 2020

FORWARD LOOKING STATEMENT

WWW.GULFPORTENERGY.COM 2

This presentation includes “forward-looking statements” for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A ofthe Securities Act of 1933, as amended, and Section 21E of the Exchange Act. All statements, other than statements of historical facts, included in this presentation thataddress activities, events or developments that Gulfport expects or anticipates will or may occur in the future, including such things as the expected impact of the COVID-19pandemic on our business, our industry and the global economy, production and financial guidance, future capital expenditures (including the amount and nature thereof),business strategy and measures to implement strategy, repurchases of our outstanding debt, the timing and completion of asset sales, competitive strength, goals,expansion and growth of Gulfport's business and operations, plans, market conditions, references to future success, reference to intentions as to future matters and othersuch matters are forward-looking statements. These statements are based on certain assumptions and analyses made by Gulfport in light of its experience and itsperception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. However,whether actual results and developments will conform with Gulfport's expectations and predictions is subject to a number of risks and uncertainties, general economic,market, credit or business conditions that might affect the timing and amount of the repurchase program; the opportunities (or lack thereof) that may be presented to andpursued by Gulfport; Gulfport’s ability to identify, complete and integrate acquisitions of properties and businesses; Gulfport’s ability to achieve the anticipated benefits of itsstrategic initiatives; competitive actions by other oil and gas companies; changes in laws or regulations; and other factors, many of which are beyond the control of Gulfport.Information concerning these and other factors can be found in the Company's filings with the Securities and Exchange Commission (“SEC”), including its Forms 10-K, 10-Q and 8-K. Consequently, all of the forward-looking statements made in this presentation are qualified by these cautionary statements and there can be no assurances thatthe actual results or developments anticipated by Gulfport will be realized, or even if realized, that they will have the expected consequences to or effects on Gulfport, itsbusiness or operations. Gulfport has no intention, and disclaims any obligation, to update or revise any forward-looking statements, whether as a result of new information,future results or otherwise.

Gulfport's estimated proved reserves as of December 31, 2019 were prepared by Netherland, Sewell & Associates, Inc. ("NSAI") and NSAI is an independent petroleumengineering firm.

EBITDA is a non-GAAP financial measure equal to net (loss) income, the most directly comparable GAAP financial measure, plus interest expense, income tax (benefit)expense, accretion expense, depreciation, depletion and amortization and impairment of oil and gas properties. Adjusted EBITDA is a non-GAAP financial measure equalto EBITDA less non-cash derivative loss (gain), rig terminations fees, gain on debt extinguishment, non-recurring general and administrative expenses and (income) lossfrom equity method investments. Cash flow from operating activities before changes in operating assets and liabilities is a non-GAAP financial measure equal to cashprovided by operating activity before changes in operating assets and liabilities and inclusive of capitalized expenses incurred during the given period. Free cash flow is anon-GAAP measure defined as cash flow from operating activities before changes in operating assets and liabilities (as defined above) less capital expenditures incurred.Adjusted net income is a non-GAAP financial measure equal to pre-tax net (loss) income less non-cash derivative loss (gain), impairment of oil and gas properties, rigterminations fees, gain on debt extinguishment and (income) loss from equity method investments. The Company has presented EBITDA, adjusted EBITDA, adjusted netincome, cash flow from operating activities before changes in operating assets and liabilities and free cash flow because it uses these measures as an integral part of itsinternal reporting to evaluate its performance and the performance of its senior management. These measures are considered important indicators of the operationalstrength of the Company's business and eliminate the uneven effect of considerable amounts of non-cash depletion, depreciation of tangible assets and amortization ofcertain intangible assets. A limitation of these measures, however, is that they do not reflect the periodic costs of certain capitalized tangible and intangible assets used ingenerating revenues in the Company's business. Management evaluates the costs of such tangible and intangible assets and the impact of related impairments throughother financial measures, such as capital expenditures, investment spending and return on capital. Therefore, the Company believes that these measures provide usefulinformation to its investors regarding its performance and overall results of operations. EBITDA, adjusted EBITDA, adjusted net income, cash flow from operating activitiesbefore changes in operating assets and liabilities and free cash flow are not intended to be performance measures that should be regarded as an alternative to, or moremeaningful than, either net income as an indicator of operating performance or to cash flows from operating activities as a measure of liquidity. In addition, EBITDA,adjusted EBITDA, adjusted net income and cash flow from operating activities before changes in operating assets and liabilities are not intended to represent fundsavailable for dividends, reinvestment or other discretionary uses, and should not be considered in isolation or as a substitute for measures of performance prepared inaccordance with GAAP. The EBITDA, adjusted EBITDA, adjusted net income, cash flow from operating activities before changes in operating assets and liabilities and freecash flow presented in this press release may not be comparable to similarly titled measures presented by other companies, and may not be identical to correspondingmeasures used in the Company's various agreements.

Investors should note that Gulfport announces financial information in SEC filings, press releases and public conference calls. Gulfport may use the Investors section of itswebsite (www.gulfportenergy.com) to communicate with investors. It is possible that the financial and other information posted there could be deemed to be materialinformation. The information on Gulfport’s website is not part of this presentation.

COVID-19 RESPONSE PLAN


KEY HIGHLIGHTS

• Top priority is the safety and health of Gulfport employees, contractors, and the communities in which it operates

• All office personnel are working remotely• Employees have remained fully committed as they

work from home and continue being engaged in day-to-day business

• Taking additional safeguards to protect the health and safety of the portion of the workforce whose jobs cannot be completed remotely

• All office locations have been proactive with supply needs• Masks, sanitizers, disinfectants, hand washing stations

• Anyone entering any office location must receive clearance prior to entering the building

• Require mask usage, social distancing and contact tracing for any corporate office access

• Utilize Respiratory Action Plan and CDC Guidelines when dealing with suspected cases

• Created an internal dashboard dedicated to COVID-19 news and information for employees

• Supported by federal, state and local websites and guidelines

• Formed a Return-to-Work Task Force to evaluate when and how to most safely and methodically reopen our facilities

GULFPORT COMPANY OVERVIEW


1. Market capitalization calculated as of the close of the market on 5/1/20 at a price of $1.98 per diluted share using shares outstanding from the Company’s 1Q20 financial statements2. Enterprise value calculated as of the close of the market on 5/1/20 at a price of $1.98 per diluted share using shares outstanding, short-term debt, long-term debt, and cash and cash equivalents from the Company’s 1Q20 financial statements3. Liquidity calculated as of 5/1/20 using pro forma borrowing base availability, letters of credit outstanding, cash and cash equivalents 4. SCOOP acreage includes ~42,000 Woodford and ~34,000 Springer net reservoir acres5. Based on current development plan6. As of 5/1/20

Market Capitalization(1) ~$316 Million

Enterprise Value(2) ~$2.2 Billion

Liquidity(3) ~$269 Million

2020E Capital Expenditures ~$285 – $310 Million

Expect to generate free cash flow during 2H2020(6)

KEY STATISTICS

SCOOPAcreage: ~76,000 Net Reservoir Acres(4)

YE 2019 Proved Reserves: 1.3 Net Tcfe

Utica ShaleAcreage: ~205,000 Net Acres

YE 2019 Proved Reserves: 3.2 Net Tcfe

CORE AREAS OF OPERATION

Total Company:Acreage: ~280,000 Net Reservoir Acres(4)

Over 15 Years of Total Inventory(5)

1. As of 5/1/202. 4/1/20 – 12/31/203. July 2019 – present4. Liquidity calculated as of 5/1/20 using pro forma borrowing base availability, letters of credit outstanding, cash and cash equivalents


LOWER COST OF

PRODUCTION

• Decreased drilling days in the Utica and SCOOP by 11% and 32%, respectively, versus full year 2019 during 1Q2020

• Actively working to further improve efficiencies and reduce costs

EXERCISECAPITAL DISCIPLINE

• Preserving valuable inventory for better future price environment• Reduced capital expenditures ~50% in 2020 from 2019 levels• Expect to come in near the low end of the 2020 capital budget guidance

GENERATE FREE CASH FLOW

• Expect to generate free cash flow during 2H2020 at current strip pricing(1)

• 495 Bbtu/d(2) of remaining 2020 natural gas production hedged at an average swap price of $2.88/MMBtu

IMPROVE BALANCE SHEET

• Repurchased $263 million(3) aggregate principal amount of unsecured notes for $162 million cash providing annual cash interest reduction of $11 million

• Ongoing reviews to improve balance sheet and cash flow profile

MAINTAIN LIQUIDITY

• ~$269 million of current liquidity(4), adequate to fund 2020 capital plans at current strip pricing(1)

• Minimal reliance on revolver to support 2020 operations

GULFPORT’S STRATEGY IN CURRENT ENVIRONMENT

GULFPORT IS POSITIONING ITSELF TO PRESERVE VALUE AND MAXIMIZE FINANCIAL FLEXIBILITY AND OPTIONALITY IN CURRENT ENVIRONMENT

2017 2018 2019 1Q'20

Tota

l Wel

l Cos

ts ($

/ft)

2017 2018 2019 1Q'20

Tota

l Wel

l Cos

ts ($

/ft)

2017 2018 2019 2020E

$/M

cfe

LOE Midstream Recurring G&A

1. Utilizing the midpoint of 2020 guidance2. Gross operated incurred costs through first quarter of 2020

COST REDUCTION EFFORTS


PER UNIT OPERATING EXPENSE$1.06

$0.97 $0.90 $0.90

SCOOP WELL COSTS(2)UTICA WELL COSTS(2)

(1)

KEY HIGHLIGHTS

• Making every effort to reduce per unit LOE and midstream expense during 2020 despite declining production

• Actively working with vendors and service providers to improve efficiencies, reduce costs and enhance margins

• Well costs per lateral foot reported in the first quarter are a testament to ongoing initiatives to reduce costs

FOCUSED ON CREATING AN EFFICIENT, LOW COST COMPANY THAT CAN GENERATE SUSTAINABLE RETURNS

$980 $1,080

$- $100 $200 $300 $400 $500 $600 $700

2020 2021 2022 2023 2024 2025 2026

($ M

illion

s)

$-

$100

$200

$300

$400

$500

$600

$700

CreditFacilty

Bank Debt L/CsOutstanding

Cash Liquidity($

Milli

ons)

Face Value Cash Spend

Seni

or N

otes

Rep

urch

ased

($ M

illion

s)

2023 2024 2025 2026

MINIMAL RELIANCE ON REVOLVER TO FUND OPERATIONS PROVIDES OPTIONALITY

MAINTAIN ADEQUATE LIQUIDITY POSITION

EXERCISE CAPITAL DISCIPLINE

1. Spring borrowing base redetermination effective 5/1/202. As of 5/1/203. July 2019 – present

FOCUSED ON FINANCIAL STRENGTH


L/Cs OutstandingRevolver - Drawn Gulfport Senior NotesRevolving Credit Facility

Interest Rate 6.625% 6.000% 6.375% 6.375%

$263.4

$161.6• Adequate liquidity to fund 2020

capital plan at current strip pricing(2)

• Continue to look for opportunities to reduce leverage profile

• No near-term debt maturities

$108

$269

$327

$4

(3)

(2)

KEY HIGHLIGHTS

(1)

$325

$580$508

$375

(1)

(2)(2)

(2)

(2)

(2)

$101.8 MM Discount Capture

Note: Guidance for the year ending 12/31/20 is based on multiple assumptions and certain analyses made by the Company in light of its experience and perception of historical trends and current conditions and may change due to future developments. Actual results may not conform to the Company’s expectations and predictions. Please refer to page 2 for more detail of forward looking statements.

GULFPORT 2020 GUIDANCE


KEY HIGHLIGHTS

1. Based upon current forward pricing at 5/1/20 and basis marks 2. This is a non-GAAP measure. Represents total recurring G&A before capitalization and compares to 2019 full year of

$74.1 million. Capitalized G&A is expected to be 30% to 35% of total G&A

2020E BUDGETYear Ending

12/31/20Forecasted Incurred Capital Expenditures

Budgeted Incurred Operated D&C Expenditures - $MM $255 $270Budgeted Incurred Non-Op D&C Expenditures - $MM $10 $15Budgeted Incurred Land Expenditures - $MM $20 $25

Total Incurred Capital Expenditures - $MM $285 $310

Forecasted Realizations (before the effects of hedges and including transportation)(1)

Natural Gas (Differential to NYMEX) - $/Mcf ($0.70) ($0.80)NGL (% of WTI) 30% 35%Oil (Differential to NYMEX WTI) - $/Bbl ($4.50) ($5.00)

Projected Operating Costs

Lease Operating Expense - $/Mcfe $0.14 $0.16Production Taxes - $/Mcfe $0.05 $0.07Midstream Gathering & Processing - $/Mcfe $0.55 $0.60Recurring General & Administrative(2) - $MM $69 $74

• Potentially optimizing production profile by deferring near-term production into significantly higher prices during late 2020 and 2021

• Expect to be near the low end of 2020 capital expenditure guidance

• Generate free cash flow(1) during second half of 2020

• Focused on cost improvements and efficiency

2020E FORECASTED ACTIVITY

1Q202020

GuidanceNet Operated Wells Spud

Utica 7.0 15SCOOP 4.3 8Total 11.3 23

Net Operated Wells CompletedUtica 15.0SCOOP 3.8Total 18.8

Net Operated Wells Turned-to-SalesUtica 3.0 18SCOOP 3.8 4Total 6.8 22

15%

6%

3%4%

4%

13%

32%

10%

12% PermianEagle FordBakkenSCOOP / STACKDJ / NiobraraHaynesvilleMarcellusUticaOther

• Reduction in capital spending from oil-weighted companies has resulted in expectations for material associated gas production declines

• Natural gas companies holding production relatively flat to 2019 levels

• Current rig count is at 2016 lows• Natural gas prices have risen sharply since February• Outlook for natural gas indicating supply declines with

limited demand loss• Cautiously optimistic of macro natural gas environment

$1.50 $1.75 $2.00 $2.25 $2.50 $2.75 $3.00 $3.25

($/M

MBt

u)

12/31/2019 1/31/2020 2/28/2020 3/31/2020 4/30/2020

1. Source: Baker Hughes2. Source: EIA December 2019 Dry Gas Shale Production

MACRO NATURAL GAS


NATURAL GAS FUTURES STRIP

DRY GAS SHALE PRODUCTION(2)RIG COUNT(1)

KEY HIGHLIGHTS

Basin YE2017 YE2018 YE2019 4/30/20Decline since

YE2019Permian 410 485 403 219 (46%)Eagle Ford 68 81 68 30 (56%)Bakken 46 57 52 26 (50%)SCOOP / STACK 81 69 25 8 (68%)DJ / Niobrara 26 31 19 7 (63%)Haynesville 46 53 45 32 (29%)Marcellus 51 61 40 30 (25%)Utica 26 18 11 9 (18%)Others 185 211 128 47 (63%)Total 937 1,065 791 408 (48%)

Oil

Wei

ghte

dG

as

Wei

ghte

d

Oil Weighted

Gas Weighted

APPENDIX

8,150 7,700

10,300

8,000

12,200

9,750 10,100 11,300

Spud TILAv

erag

e La

tera

l Fee

t

2017 2018 2019 2020E

Note: Please refer to page 2 for detail on forward looking statements1. As of 12/31/192. During the three months ended 3/31/203. As of 5/1/20

UTICA SHALE OVERVIEW

LEGEND

Gulfport AcreageGPOR Activity

2020 PLANNED ACTIVITIES(3)

ASSET OVERVIEW• Net proved reserves of 3.2 Tcfe(1)

• ~205,000 net acres• 65% HBP

• ~77% of Gulfport’s total net production(2)

• Operated Activity• Spud 16 gross (15 net) wells• Turn-to-sales 18 gross and net wells


LATERAL LENGTHS

LEGENDGulfport AcreageWoodford OilWoodford CondensateWoodford Wet GasWoodford Dry GasOperated/Non Activity

Springer Gas Condensate Springer Oil

Note: Please refer to page 2 for detail on forward looking statements1. As of 12/31/192. SCOOP acreage includes ~42,000 Woodford and ~34,000 Springer net reservoir acres3. During the three months ended 3/31/204. As of 5/1/20

SCOOP OVERVIEW

2020 PLANNED ACTIVITIES(4)

ASSET OVERVIEW• Net proved reserves of 1.3 Tcfe(1)

• ~76,000 net acres(2)

• 97% HBP• ~23% of Gulfport’s total net production(3)

• Operated Activity• Spud 10 gross (8 net) wells• Turn-to-sales 4 gross and net wells


LATERAL LENGTHS

7,200 6,800 7,900 7,750 8,100 7,900

9,500

6,500

Spud TILAv

erag

e La

tera

l Fee

t

2017 2018 2019 2020E

MexicanExports

Canadian Exports

Power Generation

Power Generation

LNG Exports & Industrial

Demand

Utility Demand

MARKETING OVERVIEW


KEY HIGHLIGHTS

• Low cost supply basins serviced by trusted midstream partners

• In the Utica, partnered with MPLX, Summit, and EQT Midstream

• In the SCOOP, partnered with Intensity, Enable, DCP and ONEOK

• Midstream assets are well connected to downstream takeaway

• Agreements allow access to a variety of pipeline interconnects

• Right sized and favorably priced firm portfolio• Focused on delivery point diversity and associated

costs• Commitments align well with individual assets

production profiles• Access to diversified marketplaces in both basins and the end

markets reached• LNG• Mexican Exports• Industrial Demand• Increasing power generation and utility loads

33%35%to

30%

1Q'20 2020E

% o

f WTI

STRONG PRICE REALIZATIONS


OIL PRICE DIFFERENTIAL

NGL REALIZATION

NATURAL GAS DIFFERENTIALKEY HIGHLIGHTS

($0.69)($0.70)

to($0.80)

1Q'20 2020E

$ M

cf b

elow

N

YMEX

($2.55)($4.50)

to($5.00)

1Q'20 2020E

$ Bb

lbel

owW

TI

• Reiterated expected 2020 natural gas differential, oil differential and expected 2020 NGL realized price guidance

• Before the impact of hedges and inclusive of transportation costs

• Large portion of SCOOP oil volumes sold under term contracts versus month-to-month agreements

• Provides flow assurance and have not had any transportation issues to date

• Continue to work with midstream providers to optimize contracts through the remainder of 2020

• Reiterate full year guidance range of ($4.50) to ($5.00) below WTI

• Strong hedge position resulted in a realized settlement gain of ~$70 million or $0.74/Mcfe in 1Q20

13% 10% 18% 16%11% 11%

14% 13%6% 11%

5% 8%

28%

46% 34% 39%

42%22% 29% 24%

Mont BelvieuBarrel Makeup

2020E UticaNGL Barrel

Makeup

2020E SCOOPNGL Barrel

Makeup

2020E TotalNGL Barrel

Makeup

C5+ NC4 Normal ButaneIC4 IsoButane C3 PropaneC2 Purity Ethane

• Gulfport forecasts realizing ~30% to 35% of WTI for NGLs during 2020

• SCOOP barrel provides a strong baseload with pipeline access to Mont Belvieu

• Utica purity products provide clarity into market dynamics

NGL MARKETING OVERVIEW


NGL BARREL COMPOSITION

KEY HIGHLIGHTSEdmonton Markets

Midwest Markets

Ontario Markets

Northeast Markets

Mid-Atlantic Markets

Gulf Coast Markets

Marcus Hook

Chesapeake

Africa

Asia

South Am.

EuropeRailPipeTruck

HEDGED PRODUCTION


HEDGE BOOK(1)

1. As of 5/6/202. 4/1/2020 – 12/31/20203. Counterparty has option to call

2Q20 3Q20 4Q20 2020(2) 2021 2022 2023Natural Gas Contract Summary: Natural Gas Swaps (NYMEX)Volume (BBtupd) 774 345 370 495 - - -Price ($/MMBtu) $ 2.91 $ 2.91 $ 2.80 $ 2.88 $ - $ - $ -

Natural Gas Collars (NYMEX)Volume (BBtupd) - - - - 250 - -Weighted Average Floor ($/MMBtu) $ - $ - $ - $ - $ 2.46 $ - $ -Weighted Average Cieling ($/MMBtu) $ - $ - $ - $ - $ 2.81 $ - $ -

Natural Gas Call Options (NYMEX)(3)

Volume (BBtupd) - - - - - 628 628 Price ($/MMBtu) $ - $ - $ - $ - $ - $ 2.90 $ 2.90

Basis Contract Summary:OGTVolume (BBtupd) 10 10 10 10 - - -Differential ($/MMBtu) $ (0.54) $ (0.54) $ (0.54) $ (0.54) $ - $ - $ -

Transco Zone 4Volume (BBtupd) 60 60 60 60 - - -Differential ($/MMBtu) $ (0.05) $ (0.05) $ (0.05) $ (0.05) $ - $ - $ -

Oil Contract Summary: Oil Swaps (WTI)Volume (Bblpd) - 2,000 2,000 1,338 - - -Price ($/Bbl) $ - $ 35.60 $ 35.60 $ 35.60 $ - $ - $ -

NGL Contract Summary: C3 Propane Swaps Volume (Bblpd) 500 500 500 500 - - -Price ($/Gal) $ 0.52 $ 0.52 $ 0.52 $ 0.52 $ - $ - $ -

89% Natural Gas

43%

1%

56%

PDP PDNP PUD

4,528 Bcfe

8% NGL

45%

55%

PDP PUD

40%

2%

58%

PDP PDNP PUD

TOTAL SEC NET PROVED RESERVES

74% Natural Gas20% NGL

6% Oil

1,305 Bcfe

SCOOP SEC NET PROVED RESERVES

UTICA SEC NET PROVED RESERVES

1% Oil

96% Natural Gas3% NGL

3,221 Bcfe

2019 PROVED RESERVE SUMMARY


1. Per Company reserve report for year ending 12/31/19. Prices utilized for the reserve report were $55.85/Bbl of oil and $2.58/MMBtu of natural gas

Net Reserves as of December 31, 2019(1)

Gas Oil NGL Total SEC PV-10(Bcf) (MMBbls) (MMBbls) (Bcfe) ($MM)

Proved Developed Producing 1,739.5 7.4 29.1 1,958.2 $1,360Proved Developed Non-Producing 17.8 0.5 0.8 25.8 $23Proved Undeveloped 2,291.0 10.5 31.6 2,543.6 $320Total Proved Reserves 4,048.3 18.4 61.5 4,527.6 $1,704

3% Oil

GOVERNANCESOCIALENVIRONMENTAL & SAFETY

COMMITTED TO SUSTAINABILITY


• Employee and contractor combined Total Recordable Incident Rate decreased 36% compared to 2018

• Completed 100% of SCOOP wells with recycled water during 2019

• Gulfport reported a methane intensity rate of .17% in 2018(1)

• 64% below the industry average for our sector and below the ONE Future 2025 goal of .28%

• Renewed management team with a focus on building long-term shareholder value

• Board refreshment process ensures shareholders are represented by new, diverse voices with strong expertise and qualifications

• 7 of 8 directors are independent• 5 have joined the Board in the

last 3 years• Added Operating and Excellence

Committee• Adopted Corporate Governance

Guidelines and a Board Diversity Policy

• Supporting and investing in our local communities

• Partnered with local foundations and established the Gulfport Energy Fund of Ohio and the Gulfport Energy Fund of Oklahoma

• Funded projects focusing on education, youth development, health, human services and the environment

• 121 grants have been awarded, impacting over 50,000 people

• Gulfport is proud to support campaigns for nonprofit agencies in Oklahoma and Ohio through volunteer efforts as well as financial and in-kind donations

“The key tenants to any successful business is its priority on safety and environmental protection. Publishing our first ever Corporate Sustainability Report allows us to be more transparent about our health, safety, and environmental record and practices, and also provides us with an opportunity to highlight our community outreach efforts.”

– David Wood, President and CEO (2019 Corporate Sustainability Report)

1. Data will be updated for 2019 year-end results once finalized

53.8%

57.0%

62.7%

2017 2018 2019

Prod

uced

Wat

erAn

nual

Rec

yclin

g

Three Months Ended March 31,2020 2019

(In thousands)

Net (loss) income $ (517,538) $ 62,242 Interest expense 32,990 35,621 Income tax expense 7,290 -Accretion expense 741 1,067 Depreciation, depletion and amortization 78,028 118,433 Impairment of oil and gas properties 553,345 -EBITDA $ 154,856 $ 217,363

EBITDA $ 154,856 $ 217,363 Adjustments:Non-cash derivative gain $ (28,914) $ (4,791)Non-cash derivative loss on contingent payments 1,381 -Rig termination fees 1,649 -Gain on debt extinguishment (15,322) -Non-recurring general and administrative expenses 3,905 538 Loss (income) from equity method investments 10,789 (4,273)

Adjusted EBITDA $ 128,344 $ 208,837

EBITDA is a non-GAAP financial measure equal to net (loss) income, the most directly comparable GAAP financial measure, plus interest expense, income tax expense, accretion expense, depreciation, depletion and amortization and impairment of oil and gas properties. Adjusted EBITDA is a non-GAAP financial measure equal to EBITDA less non-cash derivative (gain) loss, rig termination fees, gain on debt extinguishment, non-recurring general and administrative expenses and loss (income) from equity method investments.

NON-GAAP FINANCIAL MEASURES




Cash flow from operating activities before changes in operating assets and liabilities is a non-GAAP financial measure equal to cash provided by operating activity before changes in operating assets and liabilities and inclusive of capitalized expenses incurred during the given period. Free cash flow is a non-GAAP measure defined as cash flow from operating activities before changes in operating assets and liabilities less capital expenditures incurred.

1. Includes capitalized general and administrative expense incurred and capitalized interest expenses incurred.2. Incurred capital expenditures and cash capital expenditures may vary from period to period due to the cash payment cycle.

Three Months Ended March 31,2020 2019

(In thousands)

Cash provided by operating activity $ 130,838 $ 239,765 Adjustments:

Changes in operating assets and liabilities (38,556) (62,505)Capitalized expenses incurred(1) (5,618) (8,461)

Operating cash flow $ 86,664 $ 168,799 Capital expenditures incurred(2) (135,305) (274,946)Free cash flow $ (48,641) $ (106,147)



Adjusted net income is a non-GAAP financial measure equal to (loss) income before income taxes less non-cash derivative (gain) loss, impairment of oil and gas properties, rig termination fees, gain on debt extinguishment, non-recurring general and administrative expenses and loss (income) from equity method investments.

Three Months Ended March 31,2020 2019(In thousands, except share data)

(Loss) income before income taxes $ (510,248) $ 62,242 Adjustments:Non-cash derivative gain $ (28,914) $ (4,791)Non-cash derivative loss on contingent payments 1,381 -Impairment of oil and gas properties 553,345 -Rig termination fees 1,649 -Gain on debt extinguishment (15,322) -Non-recurring general and administrative expenses 3,905 538 Loss (income) from equity method investments 10,789 (4,273)

Pre-tax net income excluding adjustments $ 16,585 $ 53,716

Adjusted net income $ 16,585 $ 53,716

Adjusted net income per common share:Basic $ 0.10 $ 0.33 Diluted $ 0.10 $ 0.33

Basic weighted average shares outstanding 159,760,222 162,823,997Diluted weighted average shares outstanding 161,312,645 163,099,409

GULFPORT ENERGY HEADQUARTERS3001 Quail Springs ParkwayOklahoma City, OK 73134www.gulfportenergy.com

INVESTOR RELATIONS(405) 252-4550

[email protected]

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